Business Intelligence Software Market Revenue Drivers, Growth Opportunities, Value Chain Analysis and Forecast Research Report By 2025
“The business intelligence (BI) software market size across the globe was valued at USD 24.9 billion in 2018. It is projected to witness significant growth with a 10.1% CAGR over the forecasted years, 2019 to 2025.”
The global Business Intelligence Software Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development. Market Overview: The global business intelligence (BI) software market size is anticipated to value USD 48.5 billion until 2025. It is also expected to register a CAGR of 10.1% over the forecasted years, 2019 to 2025. The rising need for analyzing data and making strategic decisions is expected to drive the demand for the market in the upcoming years. Growth Drivers: Such software allows business owners to take strategic decisions as per the ongoing consumer patterns and market trends. A majority of large organizations own ERP or CRM applications which provide them access to large amounts of data. This data can be stored as an inventory with the help of BI software. Moreover, the rising adoption of technologies like data analytics is also projected to drive the market growth of BI software over the forecasted period. Technology Insights The segment of cloud business intelligence held a significant share across the global market in 2018. This can be associated with its feature of offering predictive maintenance to the clients that cover expenses required for solving software and hardware problems. Moreover, features like easy installation and remote access to the data from laptops, mobiles, or desktops are projected to drive the market growth for this segment.
The segment of social business intelligence is also projected to gain substantial growth on account of rising future access provided to the generated information. For example, data related to the outcomes for the treatment of patients, several treatment plans, and hospitalization expenses can be accessed using healthcare’s social business intelligence software. Moreover, surging usage of social media platforms like Facebook, Instagram, and Twitter are projected to drive the demand for such software in the upcoming years. Request free sample to get a complete analysis of top-performing companies @ https://www.millioninsights.com/industry-reports/global-business-intelligence-bi-softwaremarket/request-sample End-use Insights In 2018, the BFSI end-use segment held the largest share across the global market. This can be associated with the increasing usage of such software for providing enhanced access to client databases, boosted client experience, and secured transactions. They also provide access to several financial institutions about customer data, thereby driving market growth. The manufacturing segment is also projected to register significant growth in the upcoming years. This can be associated with the rising need for the removal of conventional approaches and replacing them with data-centric structures. Also, the declining profit margins being faced by several manufacturers on account of stringent governmental norms are driving the adoption of data-driven models for business expansion. Moreover, technological advances like IoT (Internet of Things) and Industry Revolution 4.0 are influencing several manufacturers to adopt this software. Regional Insights In 2018, North America held the largest share across the global market and generated revenue of USD 8.2 Billion. This can be associated with the emergence of digitalization and increased adoption of BI software across several industrial sectors. Moreover, the surging usage of cloud strategy coupled with the rising presence of several key players across this region is anticipated to drive the market growth across this region. The Asia Pacific is projected to register the highest growth during the forecasted years, 2019 to 2025. This growth can be attributed to their rising demand across countries like India and China. Further, cloud deployment outsourcing activities and increasing demand towards the usage of customer insights for strategic planning across this region are projected to drive the demand in the upcoming years. COVID-19 Impact Insights The market is gaining momentum due to the ongoing COVID-19 crisis. This can be attributed to the increased usage of technologies like AI (Artificial Intelligence), AR (Augmented Reality), and VR (Virtual Reality) for addressing the issues arising during the times of pandemic. Moreover, their usage for the prediction of COVID impact in the current and future market scenarios across various sectors is gaining traction. For example, the rising need for the development of vaccines has urged several players across the healthcare and pharmaceutical sectors to make use of AI and BI software in R&D activities. Also, the usage of such software for enhancing online education is driving its demand across several major institutions. Also, their features like remote and easy access can help in reducing unnecessary travel and provide deep insights about current market scenarios. Browse Related Category Research Reports @ https://industryanalysisandnews.wordpress.com/
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